The cryptocurrency market received a massive push over the past several days, with bitcoin gaining $15,000 in less than 48 hours, while the altcoins followed suit with big gains.

Many meme coins did the same, including Official Trump (TRUMP) – one of the tokens linked to the First Family. However, as it has happened numerous times in the past, the team behind the asset has seemingly taken advantage just to sell more portions of it.

TRUMP Team Sells Again?

Citing on-chain data from Arkham Intelligence, Lookonchain reported hours ago that the TRUMP team sent another 2.62 million coins to OKX. In terms of USD value, the transfer was worth roughly $6.2 million.

Although this doesn’t necessarily mean that the team has sold, sending tokens to exchanges, especially given their track record and the recent price pumps, hints heavily that they have offloaded more of the asset.

The #Trump team transferred out another 2.62M $TRUMP($6.21M) an hour ago.

The 2.62M $TRUMP ($6.21M) was then deposited into #OKX.https://t.co/gayhdrY7fy pic.twitter.com/PmHRbAmksb

— Lookonchain (@lookonchain) August 23, 2026

The asset saw the light of day just 48 hours before Donald Trump was inaugurated as US President in January 2025. It flew to an all-time high of over $73 in minutes before it started correcting heavily.

Since then, reports have emerged after every rebound that the team behind it has sold some portions of it, even though the POTUS has denied profiting from the token. Nevertheless, several US Senators urged the SEC to investigate the meme coin, arguing that it may have facilitated fraud or unlawful enrichment at the expense of retail investors.

Pump and Dump

As mentioned above, TRUMP skyrocketed yesterday by double- and even triple-digit percentages and re-entered the top 100 alts by market cap. It stood below $1.50 when its rally began and topped $3.60 at its peak, which became its highest price tag since March.

However, it was rejected there and slumped to $2.40 as of press time, which represents a 33% dump from its local peak after the sales reports emerged.

Nevertheless, it remains within the top 100 alts as its own market cap sits at around $600 million. On the other hand, its demise since the January 19 ATH is more than evident, as it trades 97% away from that peak. Its all-time low came last week at $1.37.

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Bitcoin’s price suddenly dipped to $75,500 after it failed to remain above $77,000 during the weekend. Most altcoins have followed suit, including the largest ones, which performed a lot better on Friday and Saturday.

This volatility, untypical for the weekend, came amid reports that one of the most prominent market makers, Wintermute, had gone short on a few fronts.

At first, Onchain Lens noted that the company sent nearly $60 million in BTC and SOL to Binance and Coinbase, likely intending to sell. In addition, the analytics resource said Wintermute has built up a massive futures position on Hyperliquid.

Although current on-chain data shows that the company has a $13.85 million long position, the lion’s share of this leveraged trade is shorting the market – $146.19 million.

WINTERMUTE IS HEAVILY SHORT

Wintermute currently holds $160.03M in open positions on Hyperliquid, with $146.19M short and just $13.85M long.

The positions are sitting at a combined unrealized loss of $3.66M, while earning $2.14M in funding.

Despite this, Wintermute remains… pic.twitter.com/fOYjGCyEpz

— Onchain Lens (@OnchainLens) August 22, 2026

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Bitcoin’s price, which had one of its most impressive weeks in years, surging from $64,000 to almost $80,000 in less than 48 hours, reacted with a dip on Sunday morning. The asset had calmed at over $77,000 but slipped by over a grand and a half to $75,500. It found some support there, and now sits above $76,000, but it’s still 2% down on the day.

Many altcoins have posted more painful losses. ETH has dropped by 5% to well below $2,400, while XRP is down by 6.5%. Ripple’s token was rejected at $1.70 on Friday evening and Saturday morning, and is now back below $1.50.

CoinGlass data shows that almost $100 million in logs were wrecked in the past hour, with BTC and ETH holding the same share of around $41.5 million each. On a daily scale, the total liquidations top $350 million, with more than 90,000 traders getting wrecked, which is a lot for a weekend.

This Sunday correction came after a few signals suggested that bitcoin is due for a pullback after gaining $15,000 in days.

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BitMEX co-founder Arthur Hayes delivered a blunt message to investors following a sudden market surge, telling Crypto Banter host Ran Neuner that avoiding risk assets right now would be foolish.

His comments came just after the US Treasury moved to double the size of its debt buybacks.

Note: Arthur Hayes recent crypto trading actions have been anything but examplarary. BeInCrypto published an extensive analysis of his publicly known wallets. KOL comments and discussions shouldn’t be considered as investment advice.

What Triggered Hayes’s Bullish Call

Soft yield curve control refers to central bank or Treasury actions that cap bond yields without formally announcing a fixed target, injecting liquidity through indirect market intervention. Hayes described the buyback expansion in exactly those terms.

“You’re an idiot if you’re not long stocks, long gold, long Bitcoin, long the market,” Arthur Hayes said, linking the Treasury’s actions directly to renewed liquidity-driven gains.

Treasury Secretary Scott Bessent announced the expansion targeting longer-dated Treasuries. Markets had been testing the 5% level in 10-year yields, a threshold many view as unsustainable for US debt servicing.

By increasing buybacks, the Treasury effectively capped yields, injecting liquidity much like previous interventions under Janet Yellen.

Hayes argued that when governments suppress bond yields artificially, private capital flees fixed income in search of scarce alternatives.

“That’s why markets ripped gold, Bitcoin stocks, right? This is the the Yellen put if you want to call it that. Uh she started this. Um, funny at the time, you know, he wasn’t this treasur treasury secretary then. You know, Scott Bessent had a lot of choice words for how moronic it was that uh Janet Yellen was issuing so much debt at the short end,” Hayes explained.

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He drew a parallel to the Bank of Japan’s decade-long experiment with yield-curve control, arguing that capped yields inevitably push capital toward equities, gold, and Bitcoin.

Why Hayes Sees This as the Start of a Pattern

The immediate market reaction validated his view. The 30-year Treasury yield fell, Bitcoin broke above key moving averages near $70,000, equities rose, and altcoins turned sharply green.

Hayes called the move a recognition that authorities will keep intervening to defend debt sustainability, creating a series of liquidity injections over time rather than a single event.

With the Federal Reserve holding rates steady to support Treasury operations and additional tools, such as expanded repo facilities, still on the table, Hayes sees the policy bias as firmly pro-asset prices. He added that Trump’s focus on a strong stock market further aligns those incentives.

While acknowledging that part of Bitcoin’s sharp move reflected a short squeeze, Hayes stressed a deeper structural shift: governments now prioritize debt defense over free-market pricing of yields.

“The balance sheet expands infinitely because the market say, ‘Oh, you want to you want a capul 5%? Yours. Here are all these bonds. I want equities. I want gold. I want Bitcoin. I want anything that has a scarce supply if you’re going to create more dollars to artificially manipulate these yields.” BitMEX co-founder noted.

In that environment, he argued, holding cash or staying under-allocated to equities, gold, and Bitcoin becomes the riskier choice. Hayes said he remains heavily positioned, having stayed risk-on for weeks with significant exposure to both Bitcoin and Ethereum.

His words, which also touched on his new project Flop Labs, underscored a simple thesis for the current regime: stay long scarce assets while authorities keep printing and intervening.

“I mean, I’ve been riskon for a, you know, a few weeks now. I mean, we pumped a lot into Ethereum, bought some Athena, bought some Ethery. So, we’re pretty much at probably maximum risk, I would say, right now, uh, given our holdings and so, you know, just sitting back and watching the number go up on the screen. So, it’s nice,” Hayes said.

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NoOnes has shut down, telling users to withdraw funds immediately. The team warned that balances tied to the platform may be flagged after August 23.

The peer-to-peer marketplace served more than 2.5 million users in three years. Sanctions cost it essential partners, leaving withdrawals as the only function still running.

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NoOnes Shuts Down After Sanctions Hit

NoOnes said it worked to resolve and remove the sanctions, but failed. Blockchain monitoring providers then classified its wallets and transactions as high risk.

This has made it difficult for the platform to process transactions and operate normally.

“We explored every possible option, but continuing NoOnes was no longer sustainable,” the blog read.

The wind-down began on August 17. The P2P marketplace closed on August 21, taking Swap, the Visa card, crypto off-ramps, the gift card store, and Lightning payments with it.

Withdrawals now run only through the Bitcoin (BTC) network and Tether (USDT) on TRON. The team strongly advised users to withdraw their entire balance immediately and no later than Sunday, August 23, 2026.

“Because of the EU sanctions listing, external compliance providers may review or change the risk ratings of certain NoOnes company wallets,” the team said.

The Council of the EU adopted its 21st sanctions package against Russia in late July. Binance will also stop processing transactions involving several platforms on August 23. 

Crypto Closures Pile Up While BitMart Changes Course

NoOnes joins a long 2026 list. OrdinalsBot announced its wind-down this week after three years. More than 120 crypto projects have shut down in 2026, according to RootData. 

Alea Research reviewed 110 of those cases through mid-August. Decentralized Finance (DeFi) accounted for 40 closures (36%), while centralized exchanges accounted for only 7.

One name has since moved the other way. BitMart said this week that it is weighing a restructuring plan rather than a full liquidation, with a roadmap expected by September 9.

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Franklin Templeton is preparing to put tokenized assets inside its conventional mutual funds and ETFs, Bloomberg reported on Thursday, eight days after SEC staff cleared the firm to hold its $721 million blockchain-based money market fund in those portfolios.

Franklin characterizes relief as the first US regulatory clearance for digitally native products inside conventional funds.

“It is not a rule, regulation, or statement of the Commission, and the Commission has neither approved nor disapproved its content,” the Division of Investment Management wrote on August 12, adding that it “has no legal force or effect.”

Staff set aside paragraphs (b), (e), and (f) of Rule 17f-2 under the Investment Company Act of 1940, the provisions built around vault custody of share certificates.

The Franklin OnChain U.S. Government Money Fund (FOBXX) reported net assets of $720,928,224 on July 31 and a 3.50% seven-day net yield. Franklin Templeton Investor Services will open a separate wallet on Stellar for each investment fund.

Twelve Conditions Attached

Staff attached twelve conditions. Each fund’s board of trustees must approve the arrangement and review it at least annually.

FTIS has to retain the power to correct errors, freeze or migrate wallet records and restore the official ownership record, and if it ever stops acting as transfer agent it must hand the successor administrative control over the smart contracts.

Independent public accountants must verify each fund’s holdings at least three times a fiscal year, two without prior notice. Moreover, funds may use the shares for cash balances and securities lending collateral. CryptoPotato reported in December that BENJI served as collateral in a SemiLiquid credit pilot, staying encumbered across the loan lifecycle.

Relief Rests on a 1992 Letter

Staff granted the position by analogy to a September 24, 1992 letter to Franklin Investors Securities Trust, which covered a master-feeder arrangement where an affiliated transfer agent held fund shares in book-entry form. Franklin argued a Stellar wallet raises the same question, since FTIS still maintains the official ownership record and keeps unilateral control over it.

The letter names 23 investment managers, among them Putnam, Western Asset, ClearBridge, BrandywineGLOBAL, Royce and Clarion Partners. CryptoPotato has covered Franklin’s agreement to buy 250 Digital, the firm spun out of CoinFund, as its digital asset arm passed 50 staff.

On August 18, the SEC proposed the Regulation Crypto Assets with $5 million and $75 million offering paths, a proposed rule carrying a 60-day comment period. Franklin’s request was signed by Navid J. Tofigh, Senior Associate General Counsel, and answered by Taylor Evenson, Senior Counsel.

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